Rejected PPI Claim: Here’s What You Need to Know

So much compensation has been paid out by banks over the recent years that they are now more likely to reject claims. If you’ve had your claim rejected then it’s important not to be discouraged—there are still ways that you can fight for your compensation and take back what is rightfully yours.

Throughout the next few sections we’re going to tell you what you need to know about rejected PPI.

Be Prepared for Your Claim to Be Rejected

You should be prepared for your claim to be rejected before you even begin to file your claim. This will allow you to overcome the problem as soon as it arises.

Before you file your claim, you’ll want to have a good reason for why you believe you are owed compensation. You might want to include all of the documents that support your argument when you are making your formal complaint to the bank.

If you have already filed your claim then read below for tips on how you can overcome the problem.

Was Your Bank Right to Reject Your Claim?

Before you take action against your bank for rejecting your claim, you should do a bit of extra research to find out whether your bank has rightfully rejected your claim. Here are some of the top reasons why your claim might have been rightfully rejected:

  1. The policy was sold fairly – not every PPI policy that’s sold has been mis-sold, PPI does have some legitimate uses. If your policy was sold fairly then you won’t be able to receive compensation.
  2. You never had PPI – a lot of credit cards, loans, and mortgages sold with PPI attached to them were actually sold quite a long time ago. Because of this, you probably don’t have the paperwork and might have been mistaken to think that you were sold PPI.
  3. The bank suspected your claim was fraudulent – because of the amount of exposure the PPI industry has been receiving, they have to deal with a large amount of fraudulent claims. This is a good reason for the bank to reject your claim, but if your case isn’t fraudulent then you should take further action.

Overcoming a Rejected PPI Claim

If your PPI claim has been rejected then it’s important that you don’t just give up, banks have rejected claims before even without good reason. In addition to this, banks are also more likely to reject claims now than ever before, especially considering that they have already paid out over £20bn in compensation.

First and foremost, you’ll want to make a formal complaint to your bank. Even though the chances of reaching a resolution through this method are slim, there is a chance that it could be resolved so it’s definitely worth the attempt. You should hear back from your bank within eight weeks.

If the response from your bank wasn’t satisfactory or you haven’t heard back from the bank within the time frame specified above, you should take your case to the Financial Ombudsman. You can find more information by visiting their website here:

Keep in mind that you’ll need some documents to support your case when going to the Financial Ombudsman. They’ll want to see any relevant documents such as your communications with the bank, your rejection letter, and your reason for believing that your claim was rejected unfairly.

Closing Notes

It doesn’t matter whether your claim was rejected years ago or it’s only just been rejected today, you have the right to take your case further and battle with your bank for what is yours. You should follow the advice and guidance given above to give you the best chance of overcoming rejected PPI claims.

For any further assistance you can contact a claims company who will be able to assist you and provide you with more specific information relating to your claim.

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